Drilling Completed At Bitterwasser Lithium Project

Arcadia Minerals Ltd (ASX:AM7, FRA:8OH) (Arcadia or the Company), the diversified exploration company targeting a suite of projects aimed at Tantalum, Lithium, Nickel, Copper and Gold in Namibia, is pleased to announce that it has completed the follow up drilling program commenced in December 2021¹ at the recently acquired Bitterwasser Lithium-in-Clays Project, which drilling program was aimed at potentially expanding on the existing JORC Mineral Resource².

HIGHLIGHTS

• Follow-up auger drilling program completed, which is aimed at potentially expanding the existing JORC Mineral Resource
• 64 auger drill holes completed at 1 of 7 known pans for 412.60 m of core
• 370 core samples sent for assay
• Assay results expected from mid-February, with final results expected by mid-March 2022
• Drilling was aimed at testing the upper and middle clay thicknesses and continuity of mineralisation at the pan, which contains the current inferred JORC mineral resource of 15.1 million tons @ 828ppm Li and 1,79% K.
• If results are favourable, a revised JORC Mineral Resource estimate is expected by late March to mid-April 2022
• A large clay sample is undergoing mineralogical and metallurgical test work in Germany, with mineralogical results expected shortly to establish the suitability of the Bitterwasser clays for beneficiation
• Lexrox to continue self-funding the work program subject to the acquisition being approved by shareholders of the Company

Auger drilling program

The auger drilling program is primarily aimed at possibly extending the existing inferred JORC Mineral Resource of 15.1 million tons @ 828ppm Li and 1,79% K (at a cut-off grade of 680ppm Li) located in only one of seven exposed pans, from an area that represents approximately 6% of the total exposed clay pan surfaces at the project.

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